The Cooperative Housing Association Act places a number of tasks in the hands of the board of directors of each cooperative housing association, and the law is structured around the existence of a board of directors. But what if you can't find enough members for the board?
It should be said from the outset that the above is clearly an exception. It is very rare that you cannot find at least 3 cooperative members who want to sit on the association's board.
The board of directors must, by law, approve new cooperative members and the selling price of the shares. In addition, the board of directors has various daily tasks, which in most cases can be advantageously entrusted to an administrator.
Without a board of directors, it is therefore impossible to buy or sell shares in the association. The shareholders will be bound by their shares.
In reality, an association cannot function without a board of directors, which is why a solution must be found. If, despite this, a board of directors cannot be formed that can be approved by the general meeting, it will be necessary to dissolve the association and sell the association's assets – preferably the association's property – and distribute any profits to the members.
The law does not require that the board of directors be elected from among the association's cooperative members. However, this is provided for in the standard statutes from the Joint Representation of the Danish Cooperative Housing Associations. The general meeting may therefore elect a board of directors consisting of persons outside the association. However, this will require that the association's statutes be amended first, which the general meeting must accept.
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